IDBI (Industrial Development Bank of India) was established as a commercial bank in 1964. IDBI is an Indian government owned financial services company which is headquartered in Mumbai. The bank was initiated by an Act of Parliament to offer credit financial services for the development of Indian industry. IDBI is currently the 10th largest development bank in the world. The bank is managing a network of 1853 branches, 3350 ATMs and 1382 centers across the world. It is one of the 27 reputed commercial banks owned by the Indian government. IDBI has marked an aggregate profit of Rs 3.74 trillion as on 31st March, 2016 in its balance sheet.
This development bank emerged post the Second World War and the Great Depression in 1930s. The ownership of the bank was transferred in 1976 to the Government of India. The bank provided indirect financial aid by refinancing the loans provided by the state financial institutions.
In 2003, IDBI was transformed into a commercial bank from a development financial institution by Reserve Bank of India. In September 2004, RBI restructured IDBI as a scheduled bank under the RBI Act, 1934. Further in October 2004, IDBI formally entered the banking business as IDBI Ltd. The bank provides special privilege to differently abled individuals to work with it.
IDBI had received the ‘Overall Best Bank” and “Best Public Sector Bank” awards in 2011 at Dun & Bradstreet Banking Awards event.
IDBI Bank Ltd offers various banking and financial solutions to customers belonging to different segments. The bank’s operations are driven by a well-trained team of professionals who manage the core banking IT platform. The bank is spread between retail and corporate clients through its wide network of ATMs and branches spread across our country. IDBI is the youngest public sector new generation universal bank that provides banking solutions on core IT platforms. The vision of the bank is to be the most preferred and trusted brand in the banking sector to enhance the value of its stakeholders.